SERVICE CORP INTERNATIONAL
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 12, 2026
Contents
Note
- Preneed Activities
Preneed Receivables, Net and Trust Investments
The components of Preneed receivables, net and trust investments in our Consolidated Balance Sheet were as follows:
| Years Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| (In thousands) | ||
| Preneed receivables, net | $1,561,836 | $1,570,773 |
| Trust investments, at fair value | 7,965,010 | 7,084,723 |
| Insurance-backed fixed income securities and other | 232,560 | 237,868 |
| Trust investments | 8,197,570 | 7,322,591 |
| Less: Cemetery perpetual care trust investments | (2,398,613) | (2,154,032) |
| Preneed trust investments | 5,798,957 | 5,168,559 |
| Preneed receivables, net and trust investments | $7,360,793 | $6,739,332 |
Preneed receivables, net comprised the following:
| December 31, 2025 | |||
|---|---|---|---|
| Funeral | Cemetery | Total | |
| (In thousands) | |||
| Preneed receivables | $142,485 | $1,482,721 | $1,625,206 |
| Unearned finance charges | (13,486) | (15,204) | (28,690) |
| Preneed receivables, at amortized cost | $128,999 | $1,467,517 | $1,596,516 |
| Reserve for credit losses | (20,632) | (14,048) | (34,680) |
| Preneed receivables, net | $108,367 | $1,453,469 | $1,561,836 |
56 Service Corporation International
PART II
| December 31, 2024 | |||
|---|---|---|---|
| Funeral | Cemetery | Total | |
| (In thousands) | |||
| Preneed receivables | $183,016 | $1,444,084 | $1,627,100 |
| Unearned finance charges | (11,083) | (9,387) | (20,470) |
| Preneed receivables, at amortized cost | $171,933 | $1,434,697 | $1,606,630 |
| Reserve for credit losses | (20,132) | (15,725) | (35,857) |
| Preneed receivables, net | $151,801 | $1,418,972 | $1,570,773 |
At December 31, 2025, the amortized cost basis of our preneed receivables by year of origination was as follows:
| 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Total | |
|---|---|---|---|---|---|---|---|
| (In thousands) | |||||||
| Preneed receivables, at amortized cost: | |||||||
| Funeral | $26,117 | $35,128 | $29,238 | $14,857 | $7,367 | $16,292 | $128,999 |
| Cemetery | 577,225 | 401,813 | 259,307 | 141,389 | 52,557 | 35,226 | 1,467,517 |
| Total preneed receivables, at amortized cost | $603,342 | $436,941 | $288,545 | $156,246 | $59,924 | $51,518 | $1,596,516 |
At December 31, 2025, the payment status of our preneed receivables was as follows:
| Past Due | |||||||
|---|---|---|---|---|---|---|---|
| <30 Days | 30-90 Days | 90-180 Days | >180 Days | Total | Current | Total | |
| (In thousands) | |||||||
| Preneed receivables, at amortized cost: | |||||||
| Funeral | $3,967 | $2,348 | $1,423 | $31,094 | $38,832 | $90,167 | $128,999 |
| Cemetery | 54,778 | 51,295 | 12,456 | 4,334 | 122,863 | 1,344,654 | 1,467,517 |
| Total preneed receivables, at amortized cost | $58,745 | $53,643 | $13,879 | $35,428 | $161,695 | $1,434,821 | $1,596,516 |
The following table summarizes the activity for the reserve for credit losses on preneed receivables for the twelve months ended December 31, 2025.
| December 31, 2024 | Provision for Expected Credit Losses | Write Offs | Effect of Foreign Currency | December 31, 2025 | |
|---|---|---|---|---|---|
| (In thousands) | |||||
| Funeral | $(20,132) | $(4,051) | $3,554 | $(3) | $(20,632) |
| Cemetery | (15,725) | 1,040 | 653 | (16) | (14,048) |
| Total reserve for credit losses on preneed receivables | $(35,857) | $(3,011) | $4,207 | $(19) | $(34,680) |
FORM 10-K 57
PART II
The table below sets forth certain investment-related activities associated with our trusts:
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In thousands) | |||
| Deposits | $644,140 | $637,406 | $590,257 |
| Withdrawals | $600,900 | $608,251 | $591,591 |
| Purchases of securities | $2,333,514 | $2,227,515 | $2,070,313 |
| Sales of securities | $2,193,952 | $2,212,443 | $2,038,517 |
| Realized gains from sales of securities(1) | $538,513 | $509,982 | $281,168 |
| Realized losses from sales of securities(1) | $(131,685) | $(183,620) | $(227,075) |
(1)All realized gains and losses are recognized in Other income, netfor our trust investments and are offset by a corresponding reclassification in Other income, net to Deferred receipts held in trust and Care trusts’ corpus.
The activity in Preneed receivables, net and trust investments was as follows:
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In thousands) | |||
| Beginning balance - Preneed receivables, net and trust investments | $6,739,332 | $6,191,912 | $5,577,499 |
| Net preneed contract sales | 1,878,217 | 1,946,232 | 1,973,012 |
| Cash receipts from customers, net of refunds | (1,805,347) | (1,752,920) | (1,699,683) |
| Deposits to trust | 562,614 | 557,398 | 515,866 |
| Acquisitions of businesses, net | 5,865 | 60,561 | 3,394 |
| Net undistributed investment earnings (losses) (1) | 576,106 | 424,543 | 527,264 |
| Maturities and distributed earnings | (584,826) | (595,087) | (591,834) |
| Change in cancellation allowance | 1,195 | (3,430) | (5,160) |
| Change in amounts due on unfulfilled performance obligations | (19,758) | (43,547) | (93,473) |
| Effect of foreign currency and other | 7,395 | (46,330) | (14,973) |
| Ending balance - Preneed receivables, net and trust investments | $7,360,793 | $6,739,332 | $6,191,912 |
(1)Includes both realized and unrealized investment earnings.
58 Service Corporation International
PART II
The cost and fair values associated with trust investments recorded at fair value at December 31, 2025 and 2024 are detailed below. Cost reflects the investment (net of redemptions) of control holders in the trusts. Fair value represents the value of the underlying securities held by the trusts.
| Fair Value Hierarchy Level | Cost | UnrealizedGains | UnrealizedLosses | Value | |
|---|---|---|---|---|---|
| (In thousands) | |||||
| Fixed income securities: | |||||
| U.S. Treasury | 2 | $50,233 | $305 | $(488) | $50,050 |
| Canadian government | 2 | 26,086 | — | — | 26,086 |
| Corporate | 2 | 10,352 | 310 | (7) | 10,655 |
| Residential mortgage-backed | 2 | 3,202 | 68 | (28) | 3,242 |
| Asset-backed | 2 | 279 | — | (41) | 238 |
| Equity securities: | |||||
| Preferred stock | 2 | 13,831 | 2,428 | — | 16,259 |
| Common stock: | |||||
| United States | 1 | 2,071,402 | 745,982 | (95,511) | 2,721,873 |
| Canada | 1 | 41,650 | 34,904 | (1,219) | 75,335 |
| Other international | 1 | 167,881 | 43,880 | (5,910) | 205,851 |
| Mutual funds: | |||||
| Equity | 1 | 938,778 | 253,372 | (5,546) | 1,186,604 |
| Fixed income | 1 | 671,067 | 8,531 | (27,280) | 652,318 |
| Trust investments, at fair value | 3,994,761 | 1,089,780 | (136,030) | 4,948,511 | |
| Commingled funds | |||||
| Fixed income | 1,387,350 | 14,443 | (50,208) | 1,351,585 | |
| Equity | 362,862 | 155,590 | — | 518,452 | |
| Money market funds | 423,957 | — | — | 423,957 | |
| Alternative investments | 503,898 | 228,320 | (9,713) | 722,505 | |
| Trust investments, at net asset value | 2,678,067 | 398,353 | (59,921) | 3,016,499 | |
| Trust investments, at market | $6,672,828 | $1,488,133 | $(195,951) | $7,965,010 | |
As of December 31, 2025, our unfunded commitment for our private equity investments was $435.7 million which, if called, would be funded by the assets of the trusts.
FORM 10-K 59
PART II
| Fair Value Hierarchy Level | Cost | UnrealizedGains | UnrealizedLosses | Value | |
|---|---|---|---|---|---|
| (In thousands) | |||||
| Fixed income securities: | |||||
| U.S. Treasury | 2 | $43,699 | $178 | $(849) | $43,028 |
| Canadian government | 2 | 25,979 | — | — | 25,979 |
| Corporate | 2 | 10,087 | 326 | (11) | 10,402 |
| Residential mortgage-backed | 2 | 3,811 | 39 | (49) | 3,801 |
| Asset-backed | 2 | 290 | — | (47) | 243 |
| Equity securities: | |||||
| Preferred stock | 2 | 8,059 | 930 | (25) | 8,964 |
| Common stock: | |||||
| United States | 1 | 1,887,854 | 617,695 | (68,404) | 2,437,145 |
| Canada | 1 | 41,362 | 20,164 | (1,160) | 60,366 |
| Other international | 1 | 120,605 | 34,414 | (10,382) | 144,637 |
| Mutual funds: | |||||
| Equity | 1 | 950,990 | 121,006 | (13,892) | 1,058,104 |
| Fixed income | 1 | 1,028,622 | 4,183 | (46,391) | 986,414 |
| Trust investments, at fair value | 4,121,358 | 798,935 | (141,210) | 4,779,083 | |
| Commingled funds | |||||
| Fixed income | 862,350 | 2,597 | (60,646) | 804,301 | |
| Equity | 346,553 | 99,647 | (316) | 445,884 | |
| Money market funds | 432,821 | — | — | 432,821 | |
| Alternative investments | 438,449 | 193,638 | (9,453) | 622,634 | |
| Trust investments, at net asset value | 2,080,173 | 295,882 | (70,415) | 2,305,640 | |
| Trust investments, at market | $6,201,531 | $1,094,817 | $(211,625) | $7,084,723 | |
Our alternative investments include funds invested in limited partnerships with interests in private equity, private market real estate, energy and natural resources, infrastructure, transportation, and private debt including both distressed debt and mezzanine financing. These investments can never be redeemed by the funds. Instead, due to the nature of the investments in this category, distributions are received through the liquidation of the underlying assets of the funds. The funds' managers have not communicated the timing of any liquidations.
Maturity dates of our fixed income securities range from 2025 to 2044. Maturities of fixed income securities (excluding mutual funds) at December 31, 2025 are estimated as follows:
| Fair Value | |
|---|---|
| (In thousands) | |
| Due in one year or less | $49,393 |
| Due in one to five years | 34,963 |
| Due in five to ten years | 5,886 |
| Thereafter | 29 |
| Total estimated maturities of fixed income securities | $90,271 |
Recognized trust fund income (realized and unrealized) related to our preneed trust investments was $202.2 million, $185.7 million, and $158.2 million for the years ended December 31, 2025, 2024, and 2023, respectively. Recognized trust fund income (realized and unrealized) related to our cemetery perpetual care trust investments was $111.1 million, $96.4 million, and $86.6 million for the years ended December 31, 2025, 2024, and 2023, respectively.
60 Service Corporation International
PART II
Deferred Revenue, Net
Deferred revenue, net represents future revenue, including distributed trust investment earnings associated with unperformed trust-funded preneed contracts that are not held in trust accounts. Future revenue and net trust investment earnings that are held in trust accounts are included in Deferred receipts held in trust.
The components of Deferred revenue, net in our Consolidated Balance Sheet were as follows:
| Years Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| (In thousands) | ||
| Deferred revenue | $2,790,149 | $2,745,104 |
| Amounts due from customers for unfulfilled performance obligations on cancelable preneed contracts | (1,010,883) | (989,934) |
| Deferred revenue, net | $1,779,266 | $1,755,170 |
The following table summarizes the activity for our contract liabilities, which are reflected in Deferred revenue, net and Deferred receipts held in trust:
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In thousands) | |||
| Beginning balance — Deferred revenue, net and Deferred receipts held in trust | $6,917,695 | $6,374,393 | $5,787,548 |
| Net preneed contract sales | 1,321,645 | 1,386,108 | 1,451,833 |
| Acquisitions (dispositions) of businesses, net | 10,614 | 78,894 | 5,961 |
| Net investment gains (losses) (1) | 562,045 | 418,483 | 527,894 |
| Recognized revenue from backlog(2) | (565,688) | (574,414) | (554,839) |
| Recognized revenue from current period sales | (671,862) | (677,475) | (730,436) |
| Change in amounts due on unfulfilled performance obligations | (19,609) | (43,547) | (93,473) |
| Change in cancellation reserve | 975 | 2,332 | 87 |
| Effect of foreign currency and other | 7,849 | (47,079) | (20,182) |
| Ending balance — Deferred revenue, net and Deferred receipts held in trust | $7,563,664 | $6,917,695 | $6,374,393 |
(1)Includes both realized and unrealized investment gains (losses).
(2)Includes current year trust fund income through the date of performance.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.